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On 11 January, Eesti Energia AS and Geothermal Baltic OÜ signed an agreement of common intentions, on the basis of which Geothermal Baltic will start the construction of a geothermal test borehole in Narva, on the property of Enefit Power. If the pilot project is successful, the solution will provide the city of Narva with competitively priced green thermal energy without CO2 emissions.

"We are constantly looking for the best technologies and partners in the world to provide our customers with affordable energy with the smallest possible environmental footprint. The heat stored in the earth's crust is a similar source of renewable energy as wind and solar, the use of which will help us reach carbon-neutral energy production," said Margus Vals , Member of the Management Board of Eesti Energia. "We will start testing in Narva whether the use of geothermal energy on a larger scale is possible in Estonia."

Narva has the second largest district heating network in Estonia, supplying heat to its nearly 60,000 inhabitants. Heat is currently produced in Narva at an Enefit Power combined heat and power plant for residents at the most affordable price in Estonia: €39.83 per megawatt hour. "If the pilot project is successful, we will be able to offer the people of Narva carbon-free district heating at a reasonable price," Vals added.

Eavor-Loop, a patented technology owned by the Canadian company Eavor Technologies Inc., uses heat stored in rocks kilometers deep to generate energy, which is channeled through a closed system to consumers.

"Depending on the results of the pilot project, we can design a borehole for heat production with a capacity of at least 15 MW," said Kaido Kõrm , head of Geothermal Baltic. "The price of geothermal heating will be very competitive even in Narva where it is one of the lowest in Estonia. In addition, geothermal energy is stable and its price does not depend on the sudden price increases of other types of energy."

Geothermal energy is thermal energy produced by the Earth and stored in the earth's crust, which can be used for the production of heat and electricity. It is an environmentally friendly production method that provides consumers with affordable energy.

"We are confident that the production of green energy that our technology enables will contribute to the reduction of greenhouse gases in the atmosphere and to the improvement of the living environment," said Executive Vice President of Eavor Technological Inc, Robert Winsloe . "The ecological footprint of geothermal energy is the lowest among known forms of energy production."

Eesti Energia is an international energy company whose home markets are the Baltic States, Finland and Poland. The group is engaged in both energy production and sales, as well as providing beneficial and convenient energy solutions to customers. The group's goal is to achieve carbon neutrality in electricity production by 2035 and in the entire group's production by 2045. Outside Estonia, the group operates under the brand Enefit.

Eavor is a technology-based energy company dedicated to creating clean, reliable and affordable energy. Eavor's solution Eavor-Loop represents the world's first scalable, clean and flexible form of using geothermal energy. Eavor's partners include a number of leading global energy producers, investors, developers and venture capital funds, including Vickers Venture Partners, bp Ventures, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and Chubu Electric Power. , Eavor Technological Inc website: www.eavor.com.

Geothermal Baltic is a company owned by Estonian investors representing Eavor’s technology in Estonia and other Baltic countries. The company aims to develop geothermal energy that is a steerable, completely emission-free and ultra-low environmental impact renewable energy production method that works 24/7.